Nuveen Buys Pair of Industrial, Multifamily Assets; Total NAV Up Minor 0.2%
Nuveen Global Cities REIT Inc., a publicly registered non-traded real estate investment trust, acquired two properties in March 2025 – one industrial and multifamily – for a combined $60.2 million. Its total net asset value as of March 31 was approximately $2.17 billion, a 0.2% increase month-over-month.
The nearest asset is the 264,832-square-foot Mountain View Industrial Center, a warehouse distribution center located in the Herriman submarket of Salt Lake City, Utah. The purchase price was $30 million, and it is 100% leased.
Also, the REIT acquired Meidaimae Multifamily located in Tokyo, Japan. The gross purchase price was $30.2 million. The property is also 100% leased and consists of 58 residential units and two retail units.
The transaction price for each class of common stock for subscriptions accepted as of May 1, 2025 (and repurchases as of April 30) is as follows:
Class T shares had a NAV per share of $11.53, compared to $11.59 the previous month, a decrease of nearly 0.52%.
Class S shares had a NAV per share of $11.39, compared to $11.45 the previous month, a decrease of approximately 0.52%.
Class D shares had a NAV per share of $11.55, compared to $11.61 the previous month, a decrease of approximately 0.52%.
Class I shares had a NAV per share of $11.51, compared to $11.57 the previous month, a decrease of 0.52%.
Class N shares had a NAV per share of $11.99, compared to $12.04 the previous month, a decrease of approximately 0.42%.
The REIT had approximately 187.6 million shares outstanding at the end of March.
The company issued its 2024 annual report earlier this month, highlighting its 2024 performance. In the letter to stockholders, the REIT’s Michael Sales, chairman of the board and chief operating officer, and Richard Kimble, president, reflected on the company’s resilience amidst economic challenges. They pointed to the REIT’s stable asset operations and debt management contributing to a consistent 5.5% monthly distribution rate (Class I), largely composed of capital. The leadership also emphasized the company providing full and timely liquidity to redeeming stockholders since its inception. The REIT reported $2.8 billion in gross asset value in 2024, consisting of investments in 499 properties globally.
At the end of 2024, Nuveen Global Cities REIT Inc. acquired Short Pump Station, a grocery-anchored retail property located in the Short Pump submarket of Richmond, Va. The purchase price was $55 million, which included the assumption of a mortgage of $24 million. The 91,396-square-foot property is 97% leased.
Nuveen Global Cities REIT is diversified across several sectors including industrial, healthcare, multifamily, grocery-anchored retail, single-family housing, office, and self-storage. More than half of its properties are located in the southern United States, although it has assets across the United States, Canada, Europe, and Asia.
Formed in May 2017, the company launched its initial offering in January 2018 and raised $394.4 million in investor equity before closing in July 2021. Its $5 billion second offering raised approximately $2.21 billion before terminating Nov. 6, 2024. With the REIT’s third public offering, which was declared effective by the U.S. Securities and Exchange Commission on Nov. 6, 2024, it is offering on a continuous basis up to $5 billion in shares of common stock, consisting of up to $4 billion in shares in its primary offering and up to $1 billion in shares pursuant to its distribution reinvestment plan. As of April 21, 2025, the Nuveen REIT has issued and sold 14,869,996 shares of common stock, resulting in gross offering proceeds of just over $172.47 million.
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